In recent months, Shiba Inu (SHIB) has seen a dramatic price decline parallel to the overall cryptocurrency market. In addition to the broader market decline, the value of SHIB was affected by the waning interest in meme-based cryptocurrencies.
As with most assets, the coin’s value increased somewhat in July, resulting in a rebound in the volume of SHIB transactions.
According to information from the blockchain analytics website bloxy.info, the number of SHIB transactions in July 2022 increased by 34 percent from the 15-month low of 157,889 recorded in June.
After achieving an all-time high in 2021, SHIB is now aiming to reclaim the highs established in 2021. In addition, the coin’s total transactions peaked in October 2021 at 1,389,603, and the most recent numbers indicate the effect of the market drop on the asset.
SHIB network development
Despite SHIB engineers preparing several blockchain improvements, interest has declined. In a recent statement, the Shiba Inu team said that the project’s game, Shiba Eternity, would soon be available on both Apple’s App Store and Google Play Store.
In addition, Shiba Inu teamed with The Third Floor (TTF), a visualisation firm recognised for its work on many Marvel films. Under the terms of the agreement, TTF will be responsible for developing the metaverse’s virtual environment.
Notably, the construction of the network is intended to provide SHIB with usefulness. Notably, despite the token’s spectacular increase over the last year, criticism has come from the absence of severe use cases.
According to statistics from CoinMarketCap, SHIB was trading at $0.000011, a 14 percent increase over the previous week.
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